Naira weakens despite 172.95% rise in dollar liquidity
Naira, the basic monetary unit of Nigeria, on Thursday weakened against the dollar despite a significant increase in liquidity at the investors and Exporters (I&E) forex window, the official foreign exchange market.
After trading on Thursday, Naira lost 0.10 percent as the dollar was quoted at N428.16 compared to N425.75 closed on the previous day at the I&E window, data from the FMDQ indicated.
Most foreign exchange market dealers who participated in the auction on Thursday maintained bids at N413.50 (low) and N444 (high).
At the parallel market, also known as the black market, the local currency depreciated by N1 to N615 per dollar (selling price) from N614 (buying price).
The persistent pressure on Naira has been attributed to increased demand for the greenback by the users amid shortage.
Nigeria’s external reserves, which give the Central Bank of Nigeria (CBN) the muscle to defend the naira, have declined by 3.0…
